As Bitcoin gains more support from its new investors, its market cap outperformed Bank of America’s market valuation, making the crypto asset an amazing distance from PayPal.
According to data from AssetDash, At the time of this writing Bitcoin’s current market cap is slightly above $ 226 billion, increasing 3.2% in the past 24 hours. However, Bank of America’s market cap declined more than 2% today to $ 224.4 billion. This bullish behavior of Bitcoin (BTC) and the small drop in the BoA mean that the analytics side BTC is the 25th most valuable commodity by market capitalization, just behind PayPal at $ 230 billion.
However, Bank of America wasn’t the only fiat money-based institution to lag behind asset crypto today as it hit an annual high of $ 12,470. FiatMarketCap, a website that tracks the rise of BTC against major fiat currencies, claims that Bitcoin’s market cap now places it ahead of the New Zealand dollar (NZD).
Bitcoin is now ahead of the location’s estimate for the total number of NZDs in circulation of 346.4 billion, or approximately $ 227 billion. This would make Bitcoin the most valuable compared to all Fiat currencies in 34th place.
Traditional investors choose cryptocurrencies
The price of Bitcoin has increased significantly in 2020 as the Federal Reserve pushes many controversial measures to reduce the economic impact caused by the pandemic. This led many of the financial leaders to consider cryptocurrencies for the first time.
During the billionaire Warren Buffett has made known his feelings about cryptocurrencies, saying that they are “basically worthless”. others like the co-founder of Morgan Creek Digital, Jason Williams, they predicted that Buffett’s multinational conglomerate Berkshire Hathaway could soon invest in Bitcoin. Williams said that The company’s “young managers and analysts” would make the decision to buy BTC even if Buffett was unaware of these measures.
Buffett isn’t the only billionaire who could potentially consider cryptocurrencies as a means of hedging his bets in this economy. Paul Tudor Jones, founder of the hedge fund Tudor Investment Corporation, also remains bullish on Bitcoin, as it was revealed that the crypto asset was part of his portfolio in May.
While The recent surge in BTC over $ 12,000 Jones said On twitter:
“My bet on Bitcoin as a safe haven against the deteriorating dollar works incredibly well. My only regret is not to have bought more. I think this price hike that we are seeing is far from over. In fact, it’s just beginning! “”
Another new face in the world of cryptocurrencies is the founder of Barstool Sports. Dave Portnoy, who recently spoke to the founders of the Gemini Exchange, Tyler and Cameron Winklevoss. With the help of the twin brothers, Portnoy bought $ 200,000 worth of Bitcoin and $ 50,000 worth of Chainlink (LINK), some of his first crypto purchases.